Will somebody make this soulless asshole shut up and go away?
"It is true the economy is not fulfilling the promise many of us saw in the spring," Summers said. "I think that is a reflection of three factors. It's a reflection of the shocked confidence that came out of what was happening in Europe that raised risk premia, depressed markets, created uncertainty, and that proved to be much more virulent than most people expected. It's a reflection of the end of the inventory cycle, which had been a substantial source of tailwind leading to increased employment, increased hiring as inventories were replenished... And it's a reflection of the difficulty that firms have had in getting over the threshold and making a decision to expand their hiring, which led to lower levels of income which in turn led to lower levels of hiring."
No, you cyborg. The economy stinks because people keep losing jobs, people aren’t getting jobs, people with jobs haven’t had raises in years, they’ve had their pay cut, they’ve had their benefits cut, and meanwhile the bills keep piling up and you and your fellow technocrats in the White House and Congress have refused to do anything significant about it!
Run that technobabble through Babelfish and you’ll find that what Summers is saying is that the System failed to self-correct.
That’s all they’ve been looking at. That’s all they see. The System.
They don’t see the stinking economy as a disaster making the lives of millions of human beings miserable.
They see it as a systemic problem affecting and affected by technocratic elites making “reasonable” decisions designed to keep the System running. The trouble is that some of those reasonable decisions have had undesirable results that have harmed the efficient functioning of the System.
The way Summers and the other technocrats see it hiring---that is people getting jobs---is a cause leading to a desired effect, the recovery of the System’s functionality.
Here, where human beings live and work people getting jobs is supposed to be the object. If the System isn’t creating jobs, the System needs to be junked.
It gets worse:
"On average, the economy forms about 1.5 million family units each year," Summers said. "Housing starts are running at four or five hundred thousand. That's a natural economic response to the kind of inventory that exists. That's a reflection of the fact that family formation slows in more difficult times. But people aren't going to live with their parents forever. Family formation will come back to normal and indeed will catch up to reflect the delays that have taken place."
Who wrote this robot’s software?
The economy doesn’t form families. Families form the economy.
Technically, you can put it the way Summers puts it. But that’s the horror of it. He puts it and everything technically. It’s the way he sees things. The problem isn’t that families are hurting . The problem is that the System is failing to form families at the proper level of efficiency.
Therefore, there’s a glitch in the System that must be repaired.
The first impulse of the technocrats has been not to help people directly but address the glitches in the System.
I’ve said this before.
They saved the System and they’re proud of it and they think that’s all they were required to do and they want us to thank them for it.
All they’re asking is that we give them a little more time in office to tinker with the System to address the glitches in order to make the System run a little more smoothly and efficiently.
And what about us? What are we supposed to do?
One of President Obama's top economic advisers said Tuesday that the economy will eventually improve and that "people aren't going to live with their parents forever."
Speaking at the National Journal's Workforce of the Future conference, Larry Summers touted Democratic legislation to spur the economy and Obama's proposal to reauthorize expiring tax cuts for the middle class. He also said he took comfort in the "inherent cyclicality to economies."
I’m so glad he’s comforted by the inherent cyclicality. It makes it so much easier for people to stand on line at the unemployment office knowing that eventually the inherent cyclicality will come to their rescue.
The economy will improve. Eventually. Fires burn themselves out, diseases run their course, droughts end in rain. This is Hooverism, pure and simple. It’s what Republicans believe. It’s what they count on. It’s why they can be so heartless. Things will get better, eventually.
The question is when and what are we supposed to do in the meantime?
Tighten our belts.
Be grateful we can still pay the cable bill.
The difference between Democrats and Republicans is supposed to be that the Democrats help people out in the meantime.
The difference is supposed to be that Democrats believe that doing the things that help people out in the meantime will make the economy get better faster and stay better longer.
What we have, though, is Democrats who believe that it’s our job to sit and be patient while they tinker with the System that we all loathe and despise.
So the Democrats are running on the promise that things will get better if we sit and be patient while the Republicans are running on the promise that things will get better if we scream and yell and throw temper tantrums and project our fears and resentments on whatever Other they can paint a bulls eye on this week.
Gee, it’s no wonder we can’t wait to rush out and vote.